Company Update

09 June 2021

SIMEC ATLANTIS ENERGY LIMITED
("SAE", the "Company" and, together with its subsidiaries, the "Group")

SAE, the global sustainable energy generation company and technology developer, refers to its earlier announcement on 18 May 2021, and the appointment of receivers over all of the shares of its major shareholder, SIMEC UK Energy Holdings Limited ("SUEH"), a British Virgin Islands company, which SAE understands owns approximately 43% of the issued share capital of SAE.

Further to that announcement, the GFG Alliance (of which SUEH is a member) has informed SAE that it has commenced proceedings in the British Virgin Islands to challenge the validity of the receiver's appointment.

Separately, SAE has been notified by the receivers that an application has been made by them to seek a waiver from the Singapore Securities Industry Council which requires them to make a mandatory general offer for SAE under Rule 14 of the Singapore Code on Takeovers and Mergers arising out of their appointment as also referred to in that same announcement.

SAE will make further announcements as required in relation to the above matters as and when further information becomes available including from the receivers.

For more information please contact:

Notes to Editors

SIMEC Atlantis Energy

SAE is a global developer, owner and operator of sustainable energy projects with a diverse portfolio in various stages of development. This includes a 77 per cent. stake in the world's largest tidal stream power project, MeyGen, 100 per cent. of the 220MW Uskmouth Power Station conversion project and 100 per cent. of Green Highland Renewables, a leading developer of mini-hydro projects.

https://www.simecatlantis.com/

More on the MeyGen Project: https://simecatlantis.com/projects/meygen/

More on the Uskmouth Project: https://simecatlantis.com/project-development-operation/simec-uskmouth-power/